Wednesday, Sep 18, 2019
HomeBusinessCompany seeking to use blockchain technology to revolutionize salvage of marine artifacts

Company seeking to use blockchain technology to revolutionize salvage of marine artifacts

A Bahamian group is attempting to utilize blockchain technology to “democratize and decentralize” marine archaeology and revolutionize “crypto” for The Bahamas.

According to a press release, Bahamian born Co-Founder and CEO, Matthew Arnett, who is spearheading the blockchain project PO8, said his idea was “inspired by the almost two-decade marine salvage moratorium preventing underwater expeditions in Bahamian waters.”

He said this technology will help the country to retrieve historical artifacts that might be hidden beneath the seabed.

“PO8 is helping solve a real-life problem for The Bahamas,” said Arnett.

“So much wealth and history are buried under our waters. And so much has been taken away in the past due to lack of oversight and transparency. The salvage moratorium is finally coming to an end with PO8. We look forward to working with The Bahamas to bring back these treasures.”

Arnett said PO8 is the first Bahamian blockchain startup that will “put The Bahamas on the world crypto stage”.

“The Bahamas has now set its eyes on making Grand Bahama the crypto capital of the Americas, and PO8 is leading the way,” he said.

Last month Minister of State for Grand Bahama, Kwasi Thompson announced at a major blockchain conference The Bahamas’ new directive to bring blockchain innovation to the country and pave the way for local and foreign businesses like PO8 to embrace Grand Bahama as the ideal place to launch blockchain and cryptocurrency businesses. Deputy Prime Minister Peter Turnquest shared a similar vision, putting blockchain at the forefront of the Ministry of Finance’s exploration into digitizing financial and government services.

The release said blockchain technology will allow PO8 to tokenize underwater expeditions through decentralized applications (Dapps) on the Ethereum network. It added that recovered artifacts, which could be worth billions, will then be digitized, uploaded into a registry and auctioned using Dapps.

“The Bahamas understands now is the time to welcome and innovate with blockchain,” said Arnett.

“We are taking that leap for our nation and we hope many more will follow.”

 

 

 

 

Chester Robards

Senior Business Reporter at The Nassau Guardian
Chester Robards rejoined The Nassau Guardian in November 2017 as a senior business reporter. He has covered myriad topics and events for The Nassau Guardian.
Education: Florida International University, BS in Journalism
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